10-01-2024, 07:43 AM
Out of SWIFT is out of transferring $$$ W/O US monitoring system
BRICS: Russia & Iran End SWIFT, Start Bank Transfers in Local Currency
BRICS members Russia and Iran have officially abandoned the SWIFT payment system for cross-border transactions. The two countries will initiate payments to settle international trade using direct bank transfers. SWIFT payment system is no longer needed for trade between Russia and Iran, as both countries have agreed to carry out transactions directly through the banks. The two BRICS members will engage in direct bank transfers in their respective local currency and not the US dollar.
Also Read: BRICS: JP Morgan
BRICS: Russia & Iran End SWIFT, Start Bank Transfers in Local Currency
BRICS members Russia and Iran have officially abandoned the SWIFT payment system for cross-border transactions. The two countries will initiate payments to settle international trade using direct bank transfers. SWIFT payment system is no longer needed for trade between Russia and Iran, as both countries have agreed to carry out transactions directly through the banks. The two BRICS members will engage in direct bank transfers in their respective local currency and not the US dollar.
Also Read: BRICS: JP Morgan